The GBP/USD pair at a rate of 1.27120 is still low, situated in a bullish triangle that is a week old. As per the observation of @nehcap, a decline can be anticipated.
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]
- GBP/USD remains depressed within a one-week-old bullish triangle.
The pair currently trades last at 1.27120.
The previous day high was 1.2752 while the previous day low was 1.2685. The daily 38.2% Fib levels comes at 1.2711, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2727, expected to provide resistance.
GBP/USD remains defensive within a one-week-old bullish triangle formation, sidelined near 1.2710 amid early hours of Tuesday’s Asian session.
That said, the bullish triangle formation lures the Cable buyers. However, multiple failures to cross the 200-Hour Moving Average (HMA) joins the bearish MACD signals and the steady RSI (14) line to keep the GBP/USD sellers hopeful of breaking the stated triangle’s support line, close to 1.2690 by the press time.
Following that, the 61.8% Fibonacci retracement of June 12 to 22 uptrend, near 1.2625, will precede the 1.2600 round figure to restrict further downside of the GBP/USD price.
In a case where the Pound Sterling remains bearish past 1.2600, the month-start swing high of near 1.2545 will be in the spotlight.
On the contrary, the 200-HMA and the stated triangle’s top line, respectively near 1.2750 and 1.2765, restrict immediate upside of the GBP/USD pair.
It’s worth noting that the Pound Sterling rise past 1.2765 confirms the bullish chart formation and will direct the GBP/USD price towards the theoretical target of 1.2850.
Overall, GBP/USD fades upside momentum but the sellers need validation from 1.2690 to welcome the bears.
Trend: Downside expected
Technical Levels: Supports and Resistances
GBPUSD currently trading at 1.2713 at the time of writing. Pair opened at 1.2716 and is trading with a change of -0.02% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.2713 |
| 1 | Today Daily Change | -0.0003 |
| 2 | Today Daily Change % | -0.02% |
| 3 | Today daily open | 1.2716 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.259, 50 SMA 1.2523, 100 SMA @ 1.2348 and 200 SMA @ 1.2076.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.2590 |
| 1 | Daily SMA50 | 1.2523 |
| 2 | Daily SMA100 | 1.2348 |
| 3 | Daily SMA200 | 1.2076 |
The previous day high was 1.2752 while the previous day low was 1.2685. The daily 38.2% Fib levels comes at 1.2711, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2727, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 1.2683, 1.265, 1.2616
- Pivot resistance is noted at 1.275, 1.2785, 1.2818
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.2752 |
| Previous Daily Low | 1.2685 |
| Previous Weekly High | 1.2845 |
| Previous Weekly Low | 1.2685 |
| Previous Monthly High | 1.2680 |
| Previous Monthly Low | 1.2308 |
| Daily Fibonacci 38.2% | 1.2711 |
| Daily Fibonacci 61.8% | 1.2727 |
| Daily Pivot Point S1 | 1.2683 |
| Daily Pivot Point S2 | 1.2650 |
| Daily Pivot Point S3 | 1.2616 |
| Daily Pivot Point R1 | 1.2750 |
| Daily Pivot Point R2 | 1.2785 |
| Daily Pivot Point R3 | 1.2818 |
[/s2If]
Nehcap Expert Advisor
The NEHCAP MT4 EA is high quality professional trading system geared to generate returns without using GRID or martingales. Each trade has strict risk per trade parameter. The pairs under management include EURUSD, GBPUSD, AUDCAD, AUDNZD,GBPAUD, EURAUD, EURCAD, CHFJPY and many more.
The system is trading live: LIVE ACCOUNT TRACKING
You can run it free. Apply for a free trial and track our account. Buy the system or use profit share mechanism to generate returns on your MT4.
Join Our Telegram Group
